When You Cite a European Study, the Naked Shortsellers Win

By Paul Kedrosky · August 20, 2008 · ·

I had a surreal moment on CNBC this morning. In talking about proposed changes to the SEC’s new-ish short-selling rules, I cited a recent IMD study showing that market quality deteriorated during the last month or so for the 19 stocks covered by the initial SEC ruling.

And what was the response to this from a fellow CNBC guest who was frothing in favor of more rules, especially ones banning the already banned practice of naked short-selling? "I think it’s interesting that a columnist for TheStreet.com is citing a European study."

Hello? I guess he lives by that old rule, When you cite a European study, the naked short-sellers win. Who knew market facts were so geographically contingent?

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